Update (2018-11-17): Atlus has elaborated that the restriction for the Share functionality in Catherine: Full Body will be for everything after the sixth day of the story mode to prevent spoilers.
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In an ongoing Q&A series for Catherine: Full Body through Atlus’ Studio Zero Twitter account, director Kenichi Gotoh addresses the PlayStation 4’s “Share” functionality with the game.
Question: Is it possible to use the PS4’s Share function?
Answer: It can be used perfectly! The Babel and Colosseum modes, including online battles, can all be distributed through the Share function! However, it is restricted in the latter half of the story mode to prevent spoilers.
The Share function was previously restricted in Persona 5 for similar reasons to prevent story spoilers, alongside live streaming limitations (which were later alleviated).
Media distribution guidelines were put in place for the Japanese release of Persona 3: Dancing in Moonlight and Persona 5: Dancing in Starlight earlier this year, however no restrictions were put in place for the PS4 Share functionality itself.
Catherine: Full Body will launch on the PS4 and PS Vita in Japan on February 14, 2019. It will be released for the PS4 (with potentially no Vita release) in 2019 in the West.